Scout24 will update investors on its review on November 26. Elliot is also pushing Scout24 to ramp up its share buyback program.

On Tuesday, Scout24, a German classified listings group stated it would explore options for its autos platform following pressure from activist investor Elliott Management to sell the business.

“We have commenced a strategic review of alternatives forAutoScout24 with the objective to enhance long-term shareholder value,” said CEO Tobias Hartmann.

He went on to add, Scout24 would update investors on the review at a capital markets day on November 26.

Last week, Elliott Management had gone public with a demand that Scout24 sells AutoScout24 and boosts its share buyback program to provide a better return to investors.